If ROCE declines from 12% to 10% from one year to the next aS shareholders equity has

Question:

If ROCE declines from 12% to 10% from one year to the next aS shareholders’ equity has remained constant, it is most likely because

a. PBIT is higher and/or long-term debt is lower

b. PBIT is lower and/or long-term debt is lower

c. PBIT is lower and/or long-term debt is higher

d. PBIT is higher and/or long-term debt is higher

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